SACRAMENTO, Calif., June 12, 2014 (GLOBE NEWSWIRE) -- Intelligent Highway Solutions, Inc. (OTCQB:IHSI) announced today it expects to report a minimum of $450,000 in revenues for the second quarter ending June 30, 2014, exceeding its prior projection. This new projection is due to the Company's continued progress related to the Honeywell purchase order.
Honeywell Purchase Order
IHSI began work, under the Honeywell purchase order (Honeywell Scanning & Mobility (HSM)), at a state run office building on March 17, 2014. The office building is one of many office buildings in the State of California that are expected to install new temperature control systems which will make the buildings compliant with the California Title 24 Energy Standards. Each one of the state-owned office buildings is mandated by law to be in compliance with Title 24 which was created in 1978 by the California Building Standards Commission in a legislative mandate to reduce California's energy consumption.
Devon Jones, Chief Executive Officer of Intelligent Highway Solutions stated, "We are thrilled to be able provide this sales projection to the financial markets. We are working hard to build value for our shareholders."
Figures are unaudited and the referenced quarter is subject to completion so that actual revenues, and other results of operations for the quarter are subject to change.
Other News
The Company also recently announced its exclusive distribution rights to a lighting solution specifically designed for the medical marijuana industry. The company has received almost immediate interest from several growers in the United States residing in multiple states. The Company also received an inquiry from a large grower in Canada. Efficient, low temperature, energy-saving lighting with the right light spectrum is an essential component to a successful medical marijuana growing operation. Without the proper lighting solution, marijuana plants can't grow efficiently indoors. The worldwide market for medical marijuana is estimated to be in excess of $40 billion and is projected to be one of the fastest growing industries worldwide over the next decade.
About Honeywell
Honeywell (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and performance materials. Honeywell Scanning & Mobility (HSM) is part of the Automation and Control Solutions (ACS) business group of Honeywell. HSM is a leading manufacturer of high-performance image- and laser-based data collection hardware, including rugged mobile computers and bar code scanners. With one of the broadest product portfolios in the automatic identification and data collection industry, HSM provides data collection hardware for retail, healthcare, and transportation and logistics companies seeking to improve operations and enhance customer service. Additionally, HSM provides advanced software; service and professional solutions that help customers effectively manage data and assets. HSM products are sold worldwide through a network of distributor and reseller partners. For more information on Honeywell Scanning & Mobility, please visit www.honeywellaidc.com.
About Intelligent Highway Solutions, Inc.
Intelligent Highway Solutions, Inc. (IHSI) is a technology based electrical contracting company that develops and implements high and low voltage solutions across multiple platforms. Through the development of proprietary wireless vehicle detection systems the company is working to make the nation's roadways more efficient. IHSI also performs electrical installations, temperature control systems, communication/wireless integration, and advanced lighting systems for commercial applications. In 2014, the Company secured exclusive distribution rights to proprietary lighting solutions directed towards the legal cannabis industry that helps growers reduce costs and improve yields.
Forward Looking Statements: Any statements contained herein that are not historical facts are forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only to the date such information was released. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after release of this information. Only statements from the Company website, filings at sec.gov, and press releases are those of the Company.